00:00I think that's where I go back to having Barron say, hey, this is why we can do more than 15%.
00:05Because I don't I don't know. I frankly don't know how they got around it.
00:07I get they have mutual funds of existing.
00:10Exposure to SpaceX and some of the Musk related companies, but they have to explain.
00:15What they're doing here to investors. And so the real problem will be if something breaks, right?
00:18If liquidity dries up.
00:20And all of a sudden you're diluting that SpaceX exposure and people want to know what it's valued at.
00:24I think.
00:25That'll create a little bit of panic, not market wide panic, but for folks involved in that fund.
00:29And that's going to be.
00:30Where transparency matters. We've had transparency in ETFs for 33 years.
00:34You can.
00:35Not go less transparent.
00:36We already saw this with non transparent ETFs.
00:38They flopped for the most part.
00:40So it's up to them to provide the transparency on how this is going to work.
00:42It's kind of the hallmark of the ETF world.
00:43Yeah.
00:44This is why people love it.
00:45So much along with the lower fees.
00:46All right.
00:46Well, speaking of transparency for ETFs, BlackRock's Rick Reader.
00:50is, you know, one of the final contenders to be Fed chair.
00:53And he's been.
00:55And having interviews in Washington, reportedly they've gone pretty well.
00:57He's a regular ETF IQ guest along.
01:00with Bloomberg Television.
01:00If he were to become Fed chair, if he were named to Fed chair, what happens to Bink?
01:05The ETF that he manages with $16.2 billion in assets.
01:09So let's.
01:10Actually, BlackRock is a deep, deep bench, right?
01:12He's clearly the face of the fund, but this is key man risk.
01:15Right.
01:15If you're out there touting this ETF managed by Rick and it's very successful.
01:20All of a sudden you lose it.
01:21I don't know.
01:22Maybe some people leave.
01:23This is key man risk.
01:24You know.
01:25I can't speak for what they're going to do, but I think it's super interesting.
01:29It's the same thing with.
01:30Almost a lot of other issues out there.
01:32Think of Ark.
01:33Kathy Wood is Ark.
01:34She's the face.
01:35What happens when Kathy says, you know what, I'm moving on or whatever it might be.
01:39Yeah.
01:40Same thing with Ron Baron, right?
01:41And I know he has his kids.
01:42I think his sons are involved in the fund too.
01:43Yes.
01:44This is going to be really.
01:45interesting over the next 30 years of all these established players coming into the ETF market
01:48and you're going to lose.
01:50these key man, key woman risks right there.
01:51Yeah.
01:51The star fund manager has moved from the mutual fund industry to the ETF industry.
01:55Because they know where the money's going.
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